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GM to make electric motors in U.S. |
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General Motors announced Tuesday that it intends to become the first major automaker to design and manufacture electric motors for cars in the United States.
 Electric motors are used in gasoline-electric hybrid vehicles as well as fully electric-powered vehicles.
The first GM electric motors will be used in the next generation of the automaker's rear-wheel-drive full-hybrid vehicles such as the Chevrolet Tahoe hybrid SUV beginning in 2013.Those next-generation vehicles will use two unique electric motor designs, the automaker said. Those electric motors will be combined with an internal combustion gasoline engine to provide improved fuel economy.
"In the future, electric motors might become as important to GM as engines are now," Tom Stephens, GM's vice president for global vehicle operations, said in a statement. "By designing and manufacturing electric motors in-house, we can more efficiently use energy from batteries, as they evolve, potentially reducing cost and weight -- two significant challenges facing batteries today."
Electric motors will be a core expertise for GM in the future, Stephens said, in the same way that internal combustion engines are today.
"Our goal is simply to establish GM as a leader in automotive electric motors," he said. |
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$74 million deal saves Saab |
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General Motor's Swedish Saab brand has been saved from certain death thanks to a last-minute deal with Dutch exotic car builder Spyker.
Spyker has agreed to pay $74 million in cash and $326 million in preferred stock in a new Saab that will emerge from this deal. The Swedish government has agreed to guarantee a $563 million (400 million Euro) European Investment Bank loan for Saab.
Spyker, founded in 2000, makes exotic sports cars costing more than $200,000. Only 250 have ever been sold. This year, the carmaker hopes to sell 100 of its Spyker cars worldwide. Spyker production was moved from the Netherlands to Great Britain late last year.
"Today's announcement is great news for Saab employees, dealers and suppliers, great news for millions of Saab customers and fans worldwide, and great news for GM," said John Smith, GM vice president for corporate planning and alliances, in a corporate announcement.
The deal is expected to close in mid-February, GM said. As part of the deal, Spyker Cars will change its name to Saab Spyker Cars "We are very much looking forward to being part of the next chapter in Saab's illustrious history," said Spyker CEO Victor Muller in statement. "Saab is an iconic brand that we are honored to shepherd." |
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I work for one of the 10 Best Companies |
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Meet 10 employees at the top 10 companies on Fortune's list. Interesting assignments, caring co-workers, stints in Europe: No wonder these folks love their workplaces.
 1. SAS
Best Companies rank: 1
Name: Michelle Dockery
Title: Development tester in R&D
Age: 36
Years with the company: 10
The people here are the best. All really highly educated people and they're all very supportive. It feels like a family -- almost like an extension of home.
I have two daughters who are both in the SAS childcare program and the daycare is right on campus. I'm in walking distance from them and I'm able to visit them during the day and have lunch with them. Also, I was able to nurse both my children for the first year -- you don't hear about that happening much. On a personal level that was really important to me.
Now my daughters are 5 and 3 and are in the preschool on campus. I drop them off and then pick them up when it's time to go home. You can't put a price on that. |
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Ford to add 1,200 workers in Chicago |
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Ford Motor said Tuesday it will hire 1,200 workers in Illinois as part of a $400 million plan to ramp up production of next year's Explorer.
NEW YORK (CNNMoney.com) -- Ford Motor said Tuesday it will hire 1,200 workers in Illinois as part of a $400 million plan to ramp up production of next year's Explorer.
The automaker said it expects to fill the full-time jobs at its Chicago Assembly and Chicago Stamping plants by the end of the year.
 "Our Chicago Assembly Plant -- with its excellent work force, lean and flexible manufacturing processes, and proud history of making great Ford vehicles -- is the ideal choice for building the new Explorer," Jim Tetreault, Ford's vice president of North America manufacturing, said in a statement.
The expansion comes as the nation's automakers look to recover from a dramatic plunge in sales, which fell to a 27-year low last year. But the new workers will probably not make as much as they would have in previous years.
Under union contracts signed in 2007, the major U.S. automakers are able to pay newly hired workers significantly less than their veteran factory workers. The contracts also allow automakers to give reduced health and pension benefits to new hires. |
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